Canadian retail sales remained relatively unchanged in November compared to October, but Statistics Canada's early estimate suggests a significant rebound in December, fueled by the start of Ottawa's GST/HST holiday. While November sales were flat, December saw a potential 1.6% increase, marking the largest gain in two years. Economists attribute the November dip to timing factors, including a late Black Friday and the delayed start of the tax holiday. Looking ahead, lower interest rates are expected to support spending in 2025, although trade uncertainties could pose challenges.
OTTAWA — Canadian retail sales in November were flat compared with October, but an early estimate by Statistics Canada pointed to a rebound in December which saw the start of Ottawa's GST/HST holiday.
"A disappointing November showing for retail sales was likely coloured by timing, as a late Black Friday and a mid-December start to the GST/HST holiday kept consumers on the sidelines in the latter part of the month," Kaushik said. "Looking beyond the temporary tax relief, lower policy rates should continue to support spending in 2025, but an uncertain trade environment could add meaningful headwinds," Kaushik said.
RETAILSALES ECONOMY CANADA INTERESTRATES CONSUMERSPENDING
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